In its second-quarter 13F filing, Bill Miller's Miller Value Partners reported a portfolio value of $423.07 million, a modest increase from the prior quarter. The firm maintained its top holding in oil and gas services company Nabors Industries Ltd. The filing revealed a significant number of high-conviction changes, including the establishment of several new positions and aggressive additions to existing holdings. Overall, the portfolio remains diversified across 56 holdings.
The most notable change was a major portfolio shuffle involving S&P 500 index trackers. The firm completely exited its $21 million position in the SPDR S&P 500 ETF (SPY) and initiated a new, larger $24.60 million stake in the Direxion Daily S&P 500 Bull 2X Shares (SPUU), making it the third-largest holding. Miller also made significant new buys in cosmetics company Coty and social media giant Meta Platforms.
Beyond new entries, Miller Value Partners substantially increased its positions in several key holdings. The firm boosted its stake in media company Gray Television (GTN) by nearly 35%, making it the second-largest position. It also significantly added to its investment in Bloomin' Brands (BLMN), the parent company of Outback Steakhouse, increasing its share count by over 25%. A Q2 commentary noted that new menu changes and a focus on food quality at Outback are leading to improving consumer scores. Other major additions included Upbound Group and Conduent.